Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB has published nearly 2,000 comments from individual consumers regarding their experiences in the private student loan market. A number of common themes were garnered from the comments, including that many borrowers rely on school financial aid offices for information and guidance on which loan products to use; that borrowers are struggling in today’s economy and finding their student loan debt to be unmanageable and; and that borrowers report finding it difficult to navigate the repayment process.

The CFPB has launched an inquiry into elder financial abuse. The bureau wants to help older Americans avoid financial exploitation and encourage them to make good, responsible decisions when they choose their financial advisors. The information gathered from this Request for Information will help guide future work for the CFPB in this area. Comments are due by Aug. 13, 2012.

The CFPB provided notice of the transfer authority for the S.A.F.E. Act activities, including the regulations that require mortgage loan originators (MLOs) to register through the Nationwide Mortgage Licensing System and Registry (NMLSR). Comments are due by July 13, 2012, and the new system of records will be effective on July 23, 2012.

The CFPB has issued a request for information regarding complaints from Private Education Loan Borrowers. The bureau has specific questions it is using to gather information that will help fulfill a Dodd-Frank-mandated annual report to congress. Comments are due by Aug. 13, 2012.

The CFPB has issued a request for comment regarding the compliance costs and other effects on providers and consumers, both as to existing regulations in force as well as to proposed new regulations. The bureau hopes to understand the effects of potential regulations on providers and consumers, the ways in which providers may comply with potential regulations and the costs associated with compliance. Comments are due by Aug. 13, 2012.

The CFPB has announced the release of public individual-level consumer credit card complaint data the bureau has received. The database does not contain any personally identifiable information on the consumer but does include the name of the financial institution the complaint was about.

National Credit Union Administration (NCUA)

The NCUA released the June edition of The NCUA Report. The report provides insight into effective regulation and plain writing, regulatory relief measures, innovation and regulation, and consistency and standardization.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: June 20, 2012.

Washington State Division of Credit Unions (DCU)

The third quarter Asset Assessment Worksheet for Washington state chartered credit unions is now available on the DCU webpage. The Automated Clearing House (ACH) debit will be originated on July 27, 2012.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Around the NW.